A commercial bank is unique in that it is the only institution that

Economics

JAMB 1978

A. makes loans to private people and businessmen
B. accept deposits
C. can store peoples' valuables
D. can transfer money from one place to another for its customers
E. saves money through the granting of credits

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Correct Answer: Option B

Explanation

The most distinctive features of a commercial bank are borrowing and lending, i.e, acceptance of deposits and lending of money to earn Interest (profit).

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A commercial bank is unique in that it is the only institution that

Correct Answer: Option B

Explanation

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